According to chief executive François-Henri Pinault, PPR isn’t in a hurry to sell off its retail operations — entertainment and electronics retailer Fnac, household goods retailer Conforama and mail order specialist Redcats.

He said: “I will take the time that is necessary to sell off our operations at good conditions.”

When asked about a date, he said: “This could happen this year or it could happen next year.” However, he added that PPR would only proceed with large acquisitions once it has disposed of large assets.